Economy
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California presses wealth tax despite national unpopularity, billionaires threats to flee
A ballot initiative currently being prepared for November 2026, known as Initiative 25-0024 or the “2026 Billionaire Tax Act,” would impose a one-time 5% levy on the net worth of individuals and trusts with at least $1 billion in assets as of January 1, 2026.
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Louisiana businessman sells company for $1.7B, allocates $240M as bonuses for employees
The deal in which Eaton acquired Fibrebond committed payouts averaging over $400,000 to each of the 540 employees, to be paid out over five years.
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Report finds Americans are still paying off credit debt from last Christmas
Study was done by WalletHub.
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Yellen tells senators U.S. is facing 'unacceptable levels of inflation'
Treasury Secretary recently admitted she had been incorrect about her assertion last year that inflation would be transitory
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World Bank warns of 1970s-esque stagflation for global economy
Malnutrition, increased hunger, and even famine could impact the world's poorest economies warns the bank's president.
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Experts say U.S. car sales have dropped to ‘recessionary levels’
Inflation, high gas prices continue to pummel economy.
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US economy adds 390,000 jobs in May, jobless rate of 3.6% unchanged from previous month, feds report
Report comes amid concerns about high inflation and interest rates
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Progressive Democrat Rep. Ro Khanna says Biden's inflation plan needs to go further
Rep. Ro Khanna (D-Calif.) suggests convening an emergency task force.
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U.S. not alone in inflation battle, Eurozone hits 8.1% inflation as energy costs soar
The 19 eurozone countries are experiencing a record rise in inflation.
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Apple union vote scuttled as organizers claim ‘intimidation’ from tech giant
Atlanta store would have first unionized Apple location in the country
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Fed government revises first-quarter GDP, contraction worse than originally estimated
First estimate was a 1.4% contraction in first-quarter GDP, compared to same quarter in 2021.
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Fed's personal consumption expenditure index indicates inflation still high but down from March high
April PCE number marked first slowdown since November 2020
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Is the U.S. in a recession? Many analysts think so
Former Goldman Sachs CEO Lloyd Blankfein says a recession is “a very, very high risk factor.”